Classic Developer Promises
Where The Glossy Brochures Stop And Developer Realities Set In!
There are 10 basic things to watch out for in 'brochure speak' when buying off plan from a developer, to make sure that you understand what you’re really getting. Our property gurus help you ‘decode’ the brochure promises.
1. Photos aren’t always “Real”
Never assume that any photo images of lifestyle, interiors or views will be what you will ultimately receive. All off-plan developers can only use image bank pictures and Computer Generated Images.
2. Size is Everything
Always check the measurement techniques that have been used. This will demonstrate to you the actual interior of the apartment that will be delivered. Some developers add in a “share” of Common areas to sizes even though you don’t actually own them. Others will measure from outside walls to outside walls, giving an extra 500 cm or so all around. Different countries have different industry standards when it comes to sizing up units and even within countries there is no consensus. Make sure you know what measurement method applies to what area you have been quoted.
3. Vague Delivery Promises
Build start dates often vary and you need to be very clear when you will receive your unit. Always ask to see a payment plan that is linked to delivery.
4. What is Not Included?
Many developers do not make it clear what is in the actual finishings. Some people are shocked to find out that all they receive is a shell without air conditioning, kitchens, bathroom fittings or even flooring. The Golden Rule: If it is not specifically listed in the contract, then there is no obligation on the part of the developer to deliver it.
Additional facilities implied to exist in brochures or by sales teams such as gymnasium, spas, golf courses, shops can easily go by the wayside when the developer’s budget constraints get in the way. Always remember that these are not necessarily guaranteed unless they are explicitly written in the contract. Developers often start with the most grandiose of ideas and often find that for various reasons; normally beyond their control, these can not be delivered.
5. The Word “Exclusive” Means Nothing At All!
If a property or development is being openly marketed and available to anyone who is prepared to pay, it is therefore not exclusive!
6. 100 “Unique” Properties
Well how can they be unique if there are 100 of them! Unique means one property only.
7. Luxury is a Very Subjective Word
Be very careful to ascertain in who’s “opinion” luxury means luxury. You can do this by asking about which brands they are using for kitchen appliances, lavatories etc. Or which brands they would compare themselves to. Are they a Rolls Royce or a Mercedes? for example. This will give you a better idea.
8. That’s a Nice Wall You’ve Built in My View!
No views can ever be guaranteed by any developer. Other developers can build in front, there can be changes to facilities, like golf courses, that you would overlook and so on. Satisfy yourself by site inspection as to the likely aspect you would enjoy from your property and the risks of future construction getting in the way.
9. The Hidden Costs of Living There
Service charges can be a hidden headache. Developers are always vague about how much really it is going to cost you per annum to actually live in the property that they are selling you. Be aware of items such as heated swimming pools, lush gardens, elevators and other attractions that all have to be maintained long after the developer has moved out of the sales offices. You need to realise that you will be paying for all those facilities and amenities on an annual basis even if this isn’t clearly set out to you at purchase.
10. A Brochure isn’t a Legal Contract
Finally, ALWAYS remember that a brochure in NOT a legal contract. All contents and details are purely “marketing” only and brochures usually have strongly worded Disclaimers on the back pages. You should always read the Sales and Purchase contract to establish the exact terms and conditions of purchase.
OTHER BROCHURE "TRANSLATIONS" YOU SHOULD BE AWARE OF
Pre-Launch Prices = “prices for anyone “
Last Opportunity = “First Opportunity “
Discerning Buyers = “anyone”
Luxury = “expensive”
Affordable = “reduced quality'
Looking for a property? Get in touch with our team who can source property investment opportunities to meet your criteria without subjecting you to brochure speak!